CSO retail price index – Inflation up by 3 per cent in October

THE inflation rate for October 2022 was 5.4 per cent, a three per cent increase from the recorded inflation rate recorded from January to September, according to the latest Retail Price Index published by the Central Statistical Office (CSO).

The inflation rate is measured as the percentage change in the average all items index for the period January to October 2022 as compared to January to October 2021. The CSO said the inflation rate for 2020 to 2021 was 1.8 per cent.

The index said the all items index, calculated from prices collected for October, was 123.6, representing a 3.9 per cent increase in overall items from September.

Food and non-alcoholic beverages increased by 2.5 per cent as a result of increases in the prices of tomatoes; carite – fresh; pumpkin; white flour; hot peppers; cheddar cheese; table margarine; chive; celery and carrots.

But with the decreases in prices of items such as eddoes; garlic; melongene; ochroes; cucumber; milo; grapes; green sweet pepper; oranges and full cream powdered milk, the effect of the prices was offset.

“A further review of the data for October 2022 compared with September 2022 reflected a decrease in the sub-index for Alcoholic Beverages and Tobacco of 4 per cent,” the CSO said.

“An increase was noted in clothing and footwear of 1.6 per cent; housing, water, electricity, gas and other fuels of 3.1 per cent; furnishings, household equipment and routine maintenance of the house of 6.5 per cent; health of 1.1 per cent; transport of 6.1 per cent; communication 2.3 per cent; recreation and culture of 5.0 per cent; hotels, cafés and restaurants of 7.4 per cent; and miscellaneous goods and services of 6.6 per cent. All other sections remained unchanged,” the retail price index said.